Core Insights - A new consumption trend characterized by "moderate intoxication" is emerging among young consumers, transforming drinking into a form of emotional release and lifestyle expression [1] Group 1: DIY Cocktail Trend - Convenience stores are becoming popular venues for DIY cocktails, allowing consumers to create drinks quickly and affordably, with prices for a homemade cocktail often under 50 yuan compared to 50-100 yuan in bars [2] - The trend is particularly appealing to the "Z generation," with significant engagement on social media platforms like Douyin and Xiaohongshu, where DIY cocktail content has garnered billions of views [2] - Major convenience store chains are adapting by creating dedicated "moderate intoxication" sections, offering cocktail kits and popular mixing guides [2] Group 2: Enhanced Experience and Brand Engagement - Brands are expanding offline experiences, such as pop-up bars that offer interactive cocktail-making opportunities, blending emotional consumption with social sharing [3] - The integration of social media and experiential marketing is driving engagement, with consumers encouraged to share their creations online [3] - New brands are also launching summer-themed cocktail kits and accessories, priced between 20 to 60 yuan, which are gaining popularity both online and offline [3] Group 3: Growth in Home Delivery and Convenience - The trend has extended to delivery platforms, with a nearly 40% increase in sales of cocktail kits since May, catering to consumers who prefer the convenience of home preparation [4] Group 4: Market Potential and Consumer Behavior - The rise of DIY cocktails reflects a shift towards "instant gratification" and "emotional healing," with young consumers seeking controlled relaxation rather than social integration [5] - There are approximately 490 million potential drinkers aged 18 to 30 in China, with an annual consumption scale exceeding 400 billion yuan, indicating significant market potential for low-alcohol beverages [5] - New product categories, such as tea-flavored cocktails and low-alcohol craft beers, are emerging, highlighting the growth potential of the "moderate intoxication" trend [5] Group 5: Challenges and Future Outlook - Despite the popularity, there are concerns about product homogeneity and a lack of genuine innovation in taste and experience, which may affect consumer retention [6] - Regulatory issues, such as underage drinking prevention and storage regulations, are becoming increasingly important as the market grows [6] - The "moderate intoxication" trend is evolving into a multi-dimensional consumption ecosystem, integrating with cultural and culinary industries, which may unlock further commercial opportunities in the future [6]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 名創優品集團控股有限公司 呈交日期： 2025年6月26日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 09896 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | | 庫存股份變動 | | | | | 事件 | 已發行股份（不 ...

翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) FF305 表格類別： 股票 狀態： 新提交 公司名稱： 名創優品集團控股有限公司 呈交日期： 2025年6月26日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 09896 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | | 佔 ...

Summary of Key Points Core Viewpoint - On June 25, 28 Hong Kong-listed companies conducted share buybacks totaling 31.02 million shares, with a total buyback amount of 708 million HKD [1][2]. Group 1: Major Buybacks - Tencent Holdings repurchased 979,000 shares for 500 million HKD, with a highest price of 514.50 HKD and a lowest price of 508.50 HKD, bringing its total buyback amount for the year to 35.04 billion HKD [1][2]. - AIA Group repurchased 2.5 million shares for 177 million HKD, with a highest price of 71.70 HKD and a lowest price of 70.05 HKD, totaling 14.54 billion HKD in buybacks for the year [1][2]. - Andeli Juice repurchased 500,000 shares for 8.73 million HKD, with a highest price of 17.50 HKD and a lowest price of 17.22 HKD, totaling 7.50 million HKD in buybacks for the year [1][2]. Group 2: Buyback Statistics - The highest buyback amount on June 25 was from Tencent Holdings at 500 million HKD, followed by AIA Group at 177 million HKD [1][2]. - In terms of share quantity, Youzan had the highest buyback volume with 13 million shares, followed by Ying Group and China Electric Power with 5 million shares and 3.8 million shares, respectively [1][2]. - Notably, companies like Dexin Services and Jinyong Investment conducted their first buybacks of the year on this date [2].

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 名創優品集團控股有限公司 呈交日期： 2025年6月25日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 09896 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | | 佔 ...

Core Insights - The event held by Miniso featuring the "Gifford Family" in Guangzhou aimed to create an immersive healing experience targeting the emotional needs of young people [1][2] - The emotional resonance generated by the event led to significant social media engagement, highlighting the importance of emotional value as a core driver of consumption [2] - Miniso's dual-engine strategy of "collaboration + originality" has resulted in the successful launch of various IPs, with the "Gifford Family" achieving notable sales figures [3][4] Group 1 - The "Gifford Family" event transformed the venue into a mental refuge through interactive installations and plush toys, catering to the emotional needs of young consumers [1] - Social media topics related to the event, such as MinisoHugTeam, gained traction, with users sharing personal stories of emotional support from the plush toys [2] - The "Gifford Family" generated over 63 million yuan in sales in Q1 2025, with the Gifford Bear leading the plush category at 48 million yuan [3] Group 2 - Miniso's design centers in China, South Korea, Japan, and the United States support the complete incubation cycle of original IPs, from creative development to product launch [4] - The "Gifford Family" uses skin-friendly materials to create emotional connections, with physical stores serving as channels for storytelling and emotional engagement [4] - Miniso is entering a phase focused on deepening emotional value in its IP operations, aiming to create a warm narrative that resonates globally [4]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 名創優品集團控股有限公司 呈交日期： 2025年6月25日 第 2 頁 共 15 頁 v 1.3.0 變動日期 2025年4月4日 FF305 | 13). | 已購回以作註銷但尚未註銷之股份 | | 1,793,400 | % | HKD | 29.2223 | | --- | --- | --- | --- | --- | --- | --- | | | 變動日期 | 2025年4月7日 | | | | | | 14). | 已購回以作註銷但尚未註銷之股份 | | 95,620 | % | USD | 4.0305 | | | 變動日期 | 2025年4月7日 | | | | | | 15). | 已購回以作註銷但尚未註銷之股份 | | 760,000 | % | HKD | 29.5034 | | | 變動日期 | 2025年4月8日 | | | | | | 16). | 已購回以作註銷但尚未註銷之股份 | | 168,412 | % | USD | ...

Core Viewpoint - The article emphasizes the strategic shift of MINISO towards an IP-driven retail model, focusing on "interest consumption" to redefine its business model and create new growth engines [1][2] Strategic Goals - The IP strategy aims to upgrade channel positioning, moving from a cost-effective retailer to an IP retail collection store, tapping into the significant growth opportunities within China's IP retail market [1] - The strategy highlights the emotional value and cultural attributes of products, aiming to create a repurchase loop by locking in core consumer groups through IP-driven products and channel scenarios [1] Competitive Advantages - MINISO's competitive edge lies in its high-frequency iteration development, efficient supply chain with an inventory turnover of 50 days, and a strong global network of resources [1] - The company boasts a design team of 124 internal designers and 37 internationally recognized independent designers as of 2021, enhancing its product differentiation [1] - The operational efficiency honed in the domestic market is expected to yield greater benefits in under-supplied overseas markets [1] Growth Path - The company focuses on high emotional value "super categories" such as plush toys and blind boxes, while continuously refining its distribution model and series iterations to strengthen brand loyalty and repurchase rates [1] - MINISO has developed a seven-layer store matrix to meet diverse consumer needs, with the highest level being MINISO LAND, which serves as a venue for top IP product resources [1] - The company is exploring collaborations with various IPs in the two-dimensional and trendy toy sectors to create exclusive brand and product offerings [1] Investment Outlook - The IP strategy is expected to drive brand upgrades and business growth in a competitive retail market, establishing a long-term value anchor for the company [2] - The company's supply chain and operational capabilities in the domestic IP market are anticipated to enhance its effectiveness in overseas markets [2] - Projected adjusted net profits for the company are expected to reach 2.9 billion, 3.27 billion, and 4.15 billion yuan in 2025, 2026, and 2027 respectively [2]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 名創優品集團控股有限公司 呈交日期： 2025年6月24日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 1). | 已購回以作註銷但尚未註銷之股份 | | 411,600 | % | HKD | 36.4374 | | --- | --- | --- | --- | --- | --- | --- | | | 變動日期 | 2025年3月26日 | | | | | | 2). | 已購回以作註銷但尚未註銷之股份 | | 530,600 | % | HKD | 37.6823 | | | 變動日期 | 2025年3月27日 | | | | | | 3). | 已購回以作註銷但尚未註銷之股份 | | 269,000 | % | HKD ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 名創優品集團控股有限公司 呈交日期： 2025年6月24日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 不適用 | | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 09896 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | | 佔 ...